Understanding Our Political Economy - Money, Currency, and Credit in the United States
Understanding our Political Economy
INSTRUCTOR
Edward J. Dodson, M.L.A.
email contact:
edod08034@gmail.com
LECTURE 8
Money, Currency and Credit
The United States of America
Robert Morris
Alan Greenspan
“… more recently, some
scholars have suggested
that the problems of the
free banking period were
exaggerated. Retrospective
analyses have shown, for
example, that losses to
bank note holders and bank
failures were not out of line
with other comparable
periods in U.S. banking
history.”
Edward L. Symons, Jr.
“In some states,
particularly Michigan
Where more than forty
banks failed before the
system was declared
unconstitutional, the
system is better
characterized as a fiasco
than a failure.”
National Banking Acts of
1863 and 1864
The number of state-chartered
banks fell to just 325
“ … a concentration
of the control of
credit … may at any
time become
infinitely dangerous
to free enterprise.”
“The Act establishes the
most gigantic trust on
earth. When the President
signs this Bill, the
invisible government of
the monetary power will
be legalized. …The
greatest crime of the ages
is perpetuated by this
banking and currency
bill.”
Ron Paul
“Since the creation of the
Federal Reserve, middle and
working-class Americans have
been victimized by a boom-and-
bust monetary policy. In
addition, most Americans have
suffered a steadily eroding
purchasing power because of
the Federal Reserve's
inflationary policies. This
represents a real, if hidden, tax
imposed on the American
people.”
William Jennings Bryan
“…if protection has
slain its thousands, the
gold standard has slain
its tens of thousands.”
Government issued currency
Versus
Central Bank issued currency
Versus
Private Bank issued currency
Stephen Zarlenga
“One reason economists have
failed mankind so badly is
their poor methodology – an
over-reliance on theoretical
reasoning. Alexander Del Mar
the world’s greatest monetary
historian noted: ‘
As a rule
economists...don’t take the
trouble to study the history of
money; it is much easier to
imagine it and to deduce the
principles of this imaginary
knowledge
.’"
Nationalize the Federal
Reserve System
Reconstitute the Fed within
the U.S. Treasury, to become
a fourth branch of
government
Restrict the creation of
money to the Federal
government
Fred Foldvary
“… The artificial increase
in money supply can be
halted permanently by
implementing free
banking. Without a central
bank and a national
currency imposed on the
economy, inflation of the
money supply beyond the
growth of the economy is
no longer feasible, since
there is no longer a
monopoly of the money
supply.”
From: The Science of Economics, Chapter 12
Norman Kurland
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”
Mortimer J. Adler
Louis Kelso
“In the twenty years or more
in which I have been
developing a theory of
democracy as the only
perfectly just form of
government, I slowly came
to realize that political
democracy cannot flourish
under all economic
conditions. ...”
“Democracy requires an
economic system which
supports the political
ideals of liberty and
equality for all. Men
cannot exercise freedom
in the political sphere
when they are deprived of
it in the economic
sphere.”
THE ECONOMY
END OF LECTURE 8
Explore the historical context of the United States' political economy, focusing on the dynamics of money, currency, and credit. Delve into the impact of banking systems, notable figures like Robert Morris and Alan Greenspan, and the effects of the National Banking Acts of 1863 and 1864. Gain insights into the free banking period, challenges faced, and the evolution of banking regulations.
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Presentation Transcript
INSTRUCTOR Edward J. Dodson, M.L.A. email contact: edod08034@gmail.com
LECTURE 8 Money, Currency and Credit The United States of America
Portrait engraving of Robert Morris Robert Morris
more recently, some scholars have suggested that the problems of the free banking period were exaggerated. Retrospective analyses have shown, for example, that losses to bank note holders and bank failures were not out of line with other comparable periods in U.S. banking history.
In some states, particularly Michigan Where more than forty banks failed before the system was declared unconstitutional, the system is better characterized as a fiasco than a failure.
National Banking Acts of 1863 and 1864
The number of state-chartered banks fell to just 325
a concentration of the control of credit may at any time become infinitely dangerous to free enterprise.
The Act establishes the most gigantic trust on earth. When the President signs this Bill, the invisible government of the monetary power will be legalized. The greatest crime of the ages is perpetuated by this banking and currency bill.
Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and- bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people.
if protection has slain its thousands, the gold standard has slain its tens of thousands.
Government issued currency Versus Central Bank issued currency Versus Private Bank issued currency
One reason economists have failed mankind so badly is their poor methodology an over-reliance on theoretical reasoning. Alexander Del Mar the world s greatest monetary historian noted: As a rule economists...don t take the trouble to study the history of money; it is much easier to imagine it and to deduce the principles of this imaginary knowledge. "
Nationalize the Federal Reserve System Reconstitute the Fed within the U.S. Treasury, to become a fourth branch of government Restrict the creation of money to the Federal government
The artificial increase in money supply can be halted permanently by implementing free banking. Without a central bank and a national currency imposed on the economy, inflation of the money supply beyond the growth of the economy is no longer feasible, since there is no longer a monopoly of the money supply. From: The Science of Economics, Chapter 12
The Capital Homestead Act's central focus is the democratization of capital (productive) credit. By universalizing citizen access to direct capital ownership through access to interest-free productive credit, it would close the power and opportunity gap between today's haves and have-nots, without taking away property from today's owners.
Mortimer J. Adler Louis Kelso
In the twenty years or more in which I have been developing a theory of democracy as the only perfectly just form of government, I slowly came to realize that political democracy cannot flourish under all economic conditions. ... cap-manifesto
Democracy requires an economic system which supports the political ideals of liberty and equality for all. Men cannot exercise freedom in the political sphere when they are deprived of it in the economic sphere. cap-manifesto
